BKW
BKW AG designs, builds, and operates infrastructure to produce and supply energy for businesses, households, and the public sector in Switzerland, Germany, Italy, France, and internationally. The last earnings update was 68 days ago. More info.
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BKW Share Price and Events
7 Day Returns
1 Year Returns
BKW Shareholder Return
| 7 Day | 30 Day | 90 Day | 1 Year | 3 Year | 5 Year | |
|---|---|---|---|---|---|---|
| BKW (BKW) | 1.2% | 0.8% | -3.2% | 6.4% | 58.1% | 114.1% |
| Europe Electric Utilities | 1.7% | 3% | 4% | 10.7% | 26.2% | 0.8% |
| CH Market | 2.1% | 0.1% | 1.5% | 1.3% | 12.3% | 9.3% |
1 Year Return vs Industry and Market
- BKW underperformed the Electric Utilities industry which returned 10.7% over the past year.
- BKW outperformed the Market in Switzerland which returned 1.3% over the past year.
Value
Is BKW undervalued based on future cash flows and its price relative to the stock market?
Value is all about what a company is worth versus what price it is
available for. If you went into a grocery store and all the bananas were on sale
at half price, they could be considered
undervalued.
INTRINSIC VALUE BASED ON FUTURE CASH FLOWS
Here we compare the current
share
price of
BKW
to its discounted cash flow analysis.value.The discounted cash flow value is simply looking at what the company is worth today, based on estimates of how much money it is expected to make in the future.
Below are the data sources, inputs and calculation used to determine the intrinsic value for BKW.
| Data Point | Source | Value |
|---|---|---|
| Valuation Model | 2 Stage Free Cash Flow to Equity | |
| Levered Free Cash Flow | Average of 5 Analyst Estimates (S&P Global) | See below |
| Discount Rate (Cost of Equity) | See below | 8% |
| Perpetual Growth Rate | 10-Year CH Government Bond Rate | 3.3% |
An important part of a discounted cash flow is the discount rate, below we explain how it has been calculated.
| Data Point | Calculation/ Source | Result |
|---|---|---|
| Risk-Free Rate | 10-Year CH Govt Bond Rate | 3.3% |
| Equity Risk Premium | S&P Global | 6% |
| Electric Utilities Unlevered Beta | Simply Wall St/ S&P Global | 0.23 |
| Re-levered Beta | = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 0.235 (1 + (1- 18%) (42.23%)) |
0.542 |
| Levered Beta | Levered Beta limited to 0.8 to 2.0 (practical range for a stable firm) |
0.8 |
| Discount Rate/ Cost of Equity |
= Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 3.28% + (0.8 * 5.96%) |
8.04% |
Discounted Cash Flow Calculation for SWX:BKW using 2 Stage Free Cash Flow to Equity Model
The calculations below outline how an intrinsic value for BKW is arrived at by discounting future cash flows to their present value using the 2 stage method. We try to start with analysts estimates of free cash flow, however if these are not available we use the most recent financial results. In the 1st stage we continue to grow the free cash flow over a 10 year period, with the growth rate trending towards the perpetual growth rate used in the 2nd stage. The 2nd stage assumes the company grows at a stable rate into perpetuity.
| Levered FCF (CHF, Millions) | Source |
Present Value Discounted (@ 8.04%) |
|
|---|---|---|---|
| 2019 | 104.77 | Analyst x3 | 96.97 |
| 2020 | 97.50 | Analyst x2 | 83.52 |
| 2021 | 316.70 | Analyst x2 | 251.11 |
| 2022 | 424.18 | Est @ 33.94% | 311.29 |
| 2023 | 529.12 | Est @ 24.74% | 359.39 |
| 2024 | 625.94 | Est @ 18.3% | 393.51 |
| 2025 | 712.27 | Est @ 13.79% | 414.45 |
| 2026 | 788.04 | Est @ 10.64% | 424.40 |
| 2027 | 854.46 | Est @ 8.43% | 425.91 |
| 2028 | 913.26 | Est @ 6.88% | 421.34 |
| Present value of next 10 years cash flows | CHF3,181.88 | ||
| Calculation | Result | |
|---|---|---|
| Terminal Value |
= FCF2028
× (1 + g) ÷ (Discount Rate – g)
= CHF913.26 × (1 + 3.28%) ÷ (8.04% – 3.28%) |
CHF19,781.33 |
| Present Value of Terminal Value |
= Terminal Value ÷ (1 + r)10
= CHF19,781.33 ÷ (1 + 8.04%)10 |
CHF9,126.18 |
| Calculation | Result | |
|---|---|---|
| Total Equity Value |
= Present value of next 10 years cash flows +
Terminal Value
= CHF3,181.88 + CHF9,126.18 |
CHF12,308.06 |
| Equity Value per Share (CHF) |
= Total value / Shares Outstanding
= CHF12,308.06 / 52.73 |
CHF233.42 |
| Calculation | Result | |
|---|---|---|
| Value per share (CHF) | From above. | CHF233.42 |
| Current discount | Discount to share price of
CHF66.80
= -1 x (CHF66.80 - CHF233.42) / CHF233.42 |
71.4% |
Learn more about our DCF calculations in Simply Wall St’s analysis model .
Current Discount
Current Discount Checks
- BKW's share price is below the future cash flow value, and at a moderate discount (> 20%).
- BKW's share price is below the future cash flow value, and at a substantial discount (> 40%).
PRICE RELATIVE TO MARKET
We can also value a company based on what the stock market is willing to pay for
it. This is similar to the price of fruit (e.g. Mangoes or Avocados) increasing
when they are out of season, or how much your home is worth.The amount the stock market is willing to pay for BKW's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are
BKW's earnings available for a low price, and how does
this compare to other companies in the same industry?
| Data Point | Source | Value |
|---|---|---|
| Earnings Per Share * | Company Filings (2018-12-31) in CHF | CHF3.56 |
| SWX:BKW Share Price ** | SWX (2019-05-22) in CHF | CHF66.8 |
| Europe Electric Utilities Industry PE Ratio | Median Figure of 66 Publicly-Listed Electric Utilities Companies | 11.81x |
| Switzerland Market PE Ratio | Median Figure of 175 Publicly-Listed Companies | 17.87x |
* Trailing twelve months (TTM) annual GAAP earnings per share excluding extraordinary items.
** Primary Listing of BKW.
| Calculation | Outcome | |
|---|---|---|
| PE Ratio | = SWX:BKW Share Price ÷ EPS (both in CHF) = 66.8 ÷ 3.56 |
18.79x |
Learn more about our ratios and growth rates in Simply Wall St’s analysis model >
- BKW is overvalued based on earnings compared to the Europe Electric Utilities industry average.
- BKW is overvalued based on earnings compared to the Switzerland market.
Price based on expected Growth
Does
BKW's expected growth come at a high price?
| Data Point | Source | Value |
|---|---|---|
| PE Ratio | See PE Ratio Section | 18.79x |
| Net Income Annual Growth Rate | See Future Growth Section. Line of Best Fit* through Consensus Estimate Earnings of 5 Analysts |
13.8%per year |
| Europe Electric Utilities Industry PEG Ratio | Median Figure of 32 Publicly-Listed Electric Utilities Companies | 1.41x |
| Switzerland Market PEG Ratio | Median Figure of 124 Publicly-Listed Companies | 2.24x |
*Line of best fit is calculated by linear regression .
| Calculation | Outcome | |
|---|---|---|
| PEG Ratio | = PE Ratio ÷ Net Income Annual Growth Rate = 18.79x ÷ 13.8% |
1.36x |
Learn more about our ratios and growth rates in Simply Wall St’s analysis model >
- BKW is poor value based on expected growth next year.
Price based on value of assets
What value do investors place on
BKW's
assets?
| Data Point | Source | Value |
|---|---|---|
| Book Value per Share | Company Filings (2018-12-31) in CHF | CHF60.66 |
| SWX:BKW Share Price * | SWX (2019-05-22) in CHF | CHF66.8 |
| Europe Electric Utilities Industry PB Ratio | Median Figure of 73 Publicly-Listed Electric Utilities Companies | 0.89x |
| Switzerland Market PB Ratio | Median Figure of 212 Publicly-Listed Companies | 1.62x |
| Calculation | Outcome | |
|---|---|---|
| PB Ratio | = SWX:BKW Share Price ÷ Book Value per Share (both in CHF) = 66.8 ÷ 60.66 |
1.1x |
* Primary Listing of BKW.
Learn more about our ratios and growth rates in Simply Wall St’s analysis model >
- BKW is overvalued based on assets compared to the Europe Electric Utilities industry average.
Value checks
We assess BKW's value by looking at:- Is the discounted cash flow value less than 20%, or 40% of the share price? (2 checks) ( Click here or on bar chart for details of DCF calculation. )
- Is the PE ratio less than the market average, and/ or less than the Electric Utilities industry average (and greater than 0)? (2 checks)
- Is the PEG ratio within a reasonable range (0 to 1)? (1 check)
- Is the PB ratio less than the Electric Utilities industry average (and greater than 0)? (1 check) BKW has a total score of 2/6, see the detailed checks below.
Note: We use GAAP Earnings per Share in all our calculations including PE and PEG Ratio.
Full details on the Value part of the Simply Wall St company analysis model.
Future Performance
How is BKW expected to perform in the next 1 to 3 years based on estimates from 5 analysts?
The future performance of a company is measured in the same way as past
performance, by looking at estimated
growth
and how much profit it is expected to make.Future estimates come from professional analysts. Just like forecasting the weather, they don’t always get it right!
Earnings growth vs Low Risk Savings
- BKW's earnings growth is expected to exceed the low risk savings rate of 3.3%.
Growth vs Market Checks
- BKW's earnings growth is expected to exceed the Switzerland market average.
- BKW's revenue growth is expected to exceed the Switzerland market average.
Annual Growth Rates Comparison
| Data Point | Source | Value (per year) |
|---|---|---|
| SWX:BKW Future Earnings Growth Rate | Line of Best Fit* through Consensus Estimate Earnings of 5 Analysts | 13.8% |
| SWX:BKW Future Revenue Growth Rate | Line of Best Fit* through Consensus Estimate Revenue of 5 Analysts | 3.9% |
| Europe Electric Utilities Industry Earnings Growth Rate | Market Cap Weighted Average | 9.6% |
| Europe Electric Utilities Industry Revenue Growth Rate | Market Cap Weighted Average | 3.4% |
| Switzerland Market Earnings Growth Rate | Market Cap Weighted Average | 10.9% |
| Switzerland Market Revenue Growth Rate | Market Cap Weighted Average | 3.8% |
*Line of best fit is calculated by linear regression .
Industry and Market average data is calculated daily.
Learn more about our growth rate calculations in Simply Wall St’s analysis model.
Analysts growth expectations
| Data Point | Source | Value |
|---|---|---|
| Past Financials | Company Filings (4 months ago) | See Below |
| Future Estimates | Average of up to 5 Analyst Estimates (S&P Global) | See Below |
| Date (Data in CHF Millions) | Revenue | Cash Flow | Net Income * | Avg. No. Analysts |
|---|---|---|---|---|
| 2021-12-31 | 2,933 | 525 | 279 | 5 |
| 2020-12-31 | 2,802 | 436 | 250 | 5 |
| 2019-12-31 | 2,715 | 385 | 206 | 5 |
| Date (Data in CHF Millions) | Revenue | Cash Flow | Net Income * |
|---|---|---|---|
| 2018-12-31 | 2,600 | 373 | 186 |
| 2018-09-30 | 2,520 | 226 | |
| 2018-06-30 | 2,515 | 381 | 265 |
| 2018-03-31 | 2,501 | 437 | 260 |
| 2017-12-31 | 2,413 | 493 | 255 |
| 2017-09-30 | 2,421 | 279 | |
| 2017-06-30 | 2,429 | 514 | 302 |
| 2017-03-31 | 2,397 | 436 | 307 |
| 2016-12-31 | 2,366 | 358 | 312 |
| 2016-09-30 | 2,432 | 418 | 295 |
| 2016-06-30 | 2,499 | 478 | 277 |
| 2016-03-31 | 2,545 | 527 | 277 |
*GAAP earnings excluding extraordinary items.
Past and Future Earnings per Share
| Data Point | Source | Value |
|---|---|---|
| Past Financials | Company Filings (4 months ago) | See Below |
| Future Estimates | Average of up to 5 Analyst Estimates (S&P Global) | See Below |
All data from BKW Company Filings, last reported 4 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.
| Date (Data in CHF Millions) | EPS * | EPS High Estimate | EPS Low Estimate | Avg. No. Analysts |
|---|---|---|---|---|
| 2021-12-31 | 5.60 | 6.85 | 4.22 | 5.00 |
| 2020-12-31 | 5.01 | 6.05 | 4.24 | 5.00 |
| 2019-12-31 | 4.10 | 4.88 | 3.37 | 5.00 |
| Date (Data in CHF Millions) | EPS * |
|---|---|
| 2018-12-31 | 3.56 |
| 2018-09-30 | 4.32 |
| 2018-06-30 | 5.10 |
| 2018-03-31 | 5.05 |
| 2017-12-31 | 5.00 |
| 2017-09-30 | 5.53 |
| 2017-06-30 | 6.09 |
| 2017-03-31 | 6.25 |
| 2016-12-31 | 6.42 |
| 2016-09-30 | 6.06 |
| 2016-06-30 | 5.71 |
| 2016-03-31 | 5.71 |
*GAAP earnings excluding extraordinary items.
Future performance checks
We assess BKW's future performance by looking at:- Is the annual earnings growth rate expected to beat the low risk savings rate, plus a premium to keep pace with inflation?
- Is the annual earnings growth rate expected to beat the average growth rate in earnings of the Europe market? (1 check)
- Is the annual revenue growth rate expected to beat the average growth rate in revenue of the Europe market? (1 check)
- Is the annual earnings growth rate expected to be above 20%? (1 check)
- Is the annual revenue growth rate expected to be above 20%? (1 check)
- Is the Return on Equity in 3 years expected to be over 20%? (1 check)
BKW has a total score of 3/6, see the detailed checks below.
Note 1: We use GAAP Net Income Excluding Exceptional Items for our Earnings in all our calculations.
Full details on the Future part of the Simply Wall St company analysis model.
Past Performance
How has BKW performed over the past 5 years?
The past performance of a company can be measured by how much
growth
it has experienced and how much profit it makes relative to the funds and assets
it has available.
Past earnings growth
Past Earnings growth analysis
- BKW has delivered over 20% year on year earnings growth in the past 5 years.
- BKW's 1-year earnings growth is negative, it can't be compared to the 5-year average.
- BKW's 1-year earnings growth is negative, it can't be compared to the Europe Electric Utilities industry average.
Earnings and Revenue History
All data from BKW Company Filings, last reported 4 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.
| Date (Data in CHF Millions) | Revenue | Net Income * | G+A Expenses | R&D Expenses |
|---|---|---|---|---|
| 2018-12-31 | 2,600.30 | 186.40 | 657.60 | |
| 2018-09-30 | 2,520.20 | 225.65 | 624.25 | |
| 2018-06-30 | 2,514.80 | 264.90 | 590.90 | |
| 2018-03-31 | 2,501.10 | 260.15 | 603.90 | |
| 2017-12-31 | 2,412.70 | 255.40 | 616.90 | |
| 2017-09-30 | 2,420.95 | 278.75 | 592.30 | |
| 2017-06-30 | 2,429.20 | 302.10 | 567.70 | |
| 2017-03-31 | 2,397.40 | 307.10 | 541.10 | |
| 2016-12-31 | 2,365.60 | 312.10 | 514.50 | |
| 2016-09-30 | 2,432.10 | 294.50 | 498.05 | |
| 2016-06-30 | 2,498.60 | 276.90 | 481.60 | |
| 2016-03-31 | 2,545.20 | 276.80 | 468.75 | |
| 2015-12-31 | 2,591.80 | 276.70 | 455.90 | |
| 2015-09-30 | 2,606.65 | 296.80 | 441.10 | |
| 2015-06-30 | 2,621.50 | 316.90 | 426.30 | |
| 2015-03-31 | 2,701.75 | 302.55 | 413.05 | |
| 2014-12-31 | 2,782.00 | 288.20 | 399.80 | |
| 2014-09-30 | 2,739.85 | 27.85 | 395.00 | |
| 2014-06-30 | 2,697.70 | -232.50 | 390.20 | |
| 2014-03-31 | 2,655.00 | -224.60 | 386.35 | |
| 2013-12-31 | 2,612.30 | -216.70 | 382.50 | |
| 2013-09-30 | 2,699.55 | -45.00 | 377.25 | |
| 2013-06-30 | 2,786.80 | 126.70 | 372.00 | |
| 2013-03-31 | 2,789.60 | 127.55 | 366.55 | |
| 2012-12-31 | 2,792.40 | 128.40 | 361.10 | |
| 2012-09-30 | 2,669.95 | 39.65 | 356.60 | |
| 2012-06-30 | 2,573.50 | -50.00 | 352.60 |
*GAAP earnings excluding extraordinary items.
Performance last year
We want to ensure a company is making the most of what it has available. This is
done by comparing the return (profit) to a company's available
funds,
assets
and
capital.
- BKW has not efficiently used shareholders’ funds last year (Return on Equity less than 20%).
- BKW used its assets less efficiently than the Europe Electric Utilities industry average last year based on Return on Assets.
- BKW's use of capital deteriorated last year versus 3 years ago (Return on Capital Employed).
Past performance checks
We assess BKW's performance over the past 5 years by checking for:- Has earnings increased in past 5 years? (1 check)
- Has the earnings growth in the last year exceeded that of the Electric Utilities industry? (1 check)
- Is the recent earnings growth over the last year higher than the average annual growth over the past 5 years? (1 check)
- Is the Return on Equity (ROE) higher than 20%? (1 check)
- Is the Return on Assets (ROA) above industry average? (1 check)
- Has the Return on Capital Employed (ROCE) increased from 3 years ago? (1 check)
BKW has a total score of 1/6, see the detailed checks below.
Note: We use GAAP Net Income excluding extraordinary items in all our calculations.
Full details on the Past part of the Simply Wall St company analysis model.
Health
How is BKW's financial health and their level of debt?
A company's financial position is much like your own financial position,
it includes everything you own
(assets)
and owe
(liabilities).The boxes below represent the relative size of what makes up BKW's finances.
The net worth of a company is the difference between its assets and liabilities.
- BKW is able to meet its short term (1 year) commitments with its holdings of cash and other short term assets.
- BKW's long term commitments exceed its cash and other short term assets.
Balance sheet
Assets
Liabilities and shares
- High level of physical assets or inventory.
- Debt is covered by short term assets, assets are 1.5x debt.
Historical Debt
Nearly all companies have debt. Debt in itself isn’t
bad,
however if the debt is too high, or the company can’t afford to pay the interest
on its debts this may have impacts in the future.The graphic below shows equity (available funds) and debt, we ideally want to see the red area (debt) decreasing.
If there is any debt we look at the companies capability to repay it, and whether the level has increased over the past 5 years.
All data from BKW Company Filings, last reported 4 months ago.
| Date (Data in CHF Millions) | Total Equity | Total Debt | Cash & Short Term Investments |
|---|---|---|---|
| 2018-12-31 | 3,472.30 | 1,487.50 | 1,060.20 |
| 2018-09-30 | 3,472.30 | 1,487.50 | 1,060.20 |
| 2018-06-30 | 3,482.10 | 1,540.30 | 986.90 |
| 2018-03-31 | 3,482.10 | 1,540.30 | 986.90 |
| 2017-12-31 | 3,406.30 | 1,512.00 | 1,223.10 |
| 2017-09-30 | 3,406.30 | 1,512.00 | 1,223.10 |
| 2017-06-30 | 3,123.10 | 1,602.20 | 1,181.30 |
| 2017-03-31 | 3,123.10 | 1,602.20 | 1,181.30 |
| 2016-12-31 | 2,940.90 | 1,605.40 | 1,247.50 |
| 2016-09-30 | 2,940.90 | 1,605.40 | 1,247.50 |
| 2016-06-30 | 2,519.90 | 1,718.40 | 1,072.20 |
| 2016-03-31 | 2,519.90 | 1,718.40 | 1,072.20 |
| 2015-12-31 | 2,576.00 | 1,619.50 | 1,394.40 |
| 2015-09-30 | 2,576.00 | 1,619.50 | 1,394.40 |
| 2015-06-30 | 2,384.40 | 1,664.00 | 1,229.30 |
| 2015-03-31 | 2,384.40 | 1,664.00 | 1,229.30 |
| 2014-12-31 | 2,525.00 | 1,684.40 | 1,264.00 |
| 2014-09-30 | 2,525.00 | 1,684.40 | 1,264.00 |
| 2014-06-30 | 2,389.90 | 1,590.10 | 785.80 |
| 2014-03-31 | 2,389.90 | 1,590.10 | 785.80 |
| 2013-12-31 | 2,365.70 | 1,538.20 | 797.30 |
| 2013-09-30 | 2,365.70 | 1,538.20 | 797.30 |
| 2013-06-30 | 2,628.70 | 1,383.40 | 784.20 |
| 2013-03-31 | 2,628.70 | 1,383.40 | 784.20 |
| 2012-12-31 | 2,476.60 | 1,364.20 | 833.20 |
| 2012-09-30 | 2,723.40 | 1,324.20 | 978.50 |
| 2012-06-30 | 2,714.70 | 1,217.60 | 718.60 |
- BKW's level of debt (42.8%) compared to net worth is high (greater than 40%).
- The level of debt compared to net worth has been reduced over the past 5 years (65% vs 42.8% today).
- Debt is well covered by operating cash flow (25.1%, greater than 20% of total debt).
- Interest payments on debt are well covered by earnings (EBIT is 3.3x coverage).
Financial health checks
We assess BKW's financial health by checking for:- Are short term assets greater than short term liabilities? (1 check)
- Are short term assets greater than long term liabilities? (1 check)
- Has the debt to equity ratio increased in the past 5 years? (1 check)
- Is the debt to equity ratio over 40%? (1 check)
- Is the debt covered by operating cash flow? (1 check)
- Are earnings greater than 5x the interest on debt (if company pays interest at all)? (1 check) BKW has a total score of 4/6, see the detailed checks below.
- Does cash and short term investments cover stable operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
- Does cash and short term investments cover growing operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
Full details on the Health part of the Simply Wall St company analysis model.
Dividends
What is BKW's current dividend yield, its reliability and sustainability?
Dividends are regular cash payments to you from the company, similar to a
bank paying you interest on a savings account.
Annual Dividend Income
If you bought
CHF2,000 of
BKW
shares you are expected to receive
CHF54
in your first year as a dividend.
Dividend Amount
- BKW's pays a higher dividend yield than the bottom 25% of dividend payers in Switzerland (1.96%).
- BKW's dividend is below the markets top 25% of dividend payers in Switzerland (3.74%).
Upcoming dividend payment
Purchase BKW before the 'Buy Limit' to receive their next dividend payment.
Annualized Historical and Future Dividends
It is important to see if the dividend for a company is stable, and not
wildly increasing/decreasing each year. This graph shows you the historical rate
to count toward your assessment of the stock.We also check to see if the dividend has increased in the past 10 years.
| Data Point | Source | Value |
|---|---|---|
| Past Annualized Dividend Yield | S&P Global Market Data | See Below |
| Past Dividends per Share | Company Filings/ Annualized Dividend Payments | See Below |
| Future Dividends per Share Estimates | Average of up to 5 Analyst Estimates (S&P Global) | See Below |
| Europe Electric Utilities Industry Average Dividend Yield | Market Cap Weighted Average of 44 Stocks | 4.5% |
| Switzerland Market Average Dividend Yield | Market Cap Weighted Average of 166 Stocks | 3.1% |
| Switzerland Minimum Threshold Dividend Yield | 10th Percentile | 1.3% |
| Switzerland Bottom 25% Dividend Yield | 25th Percentile | 2% |
| Switzerland Top 25% Dividend Yield | 75th Percentile | 3.7% |
Industry and Market average data is calculated daily.
Note all dividend per share amounts are annualized and not quarterly or other period.
| Date (Data in CHF) | Dividend per Share (annual) | Avg. No. Analysts |
|---|---|---|
| 2021-12-31 | 1.98 | 5.00 |
| 2020-12-31 | 1.87 | 5.00 |
| 2019-12-31 | 1.81 | 5.00 |
| Date (Data in CHF) | Dividend per share (annual) | Avg. Yield (%) |
|---|---|---|
| 2019-03-18 | 1.800 | 2.716 |
| 2018-03-20 | 1.800 | 2.746 |
| 2017-03-16 | 1.600 | 2.816 |
| 2016-03-17 | 1.600 | 3.535 |
| 2015-03-19 | 1.600 | 4.402 |
| 2015-03-13 | 1.600 | 5.146 |
| 2014-03-14 | 1.200 | 3.909 |
| 2013-03-21 | 1.200 | 3.963 |
| 2013-02-26 | 1.200 | 3.891 |
| 2012-03-13 | 1.000 | 3.107 |
| 2012-02-17 | 1.000 | 2.753 |
Learn more about our ratios and growth rates in Simply Wall St’s analysis model >
- Whilst dividend payments have been stable, BKW has been paying a dividend for less than 10 years.
- Dividend payments have increased, but BKW only paid a dividend in the past 7 years.
Income/ dividend checks
We assess BKW's dividend by checking for:- Firstly is the company paying a notable dividend (greater than 1.3%) - if not then the rest of the checks are ignored.
- Is current dividend yield above the bottom 25% of dividend payers? (1 check)
- Is current dividend yield above the top 25% of dividend payers? (1 check)
- Have they paid a dividend for 10 years, and during this period has the dividend been volatile (drop of more than 25%)? (1 check)
- If they have paid a dividend for 10 years has it increased in this time? (1 check)
- How sustainable is the dividend, can BKW afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks) BKW has a total score of 3/6, see the detailed checks below.
Full details on the Dividends part of the Simply Wall St company analysis model.
Management
CEO
| COMPENSATION | CHF2,031,000 |
| AGE | 56 |
| TENURE AS CEO | 6.3 years |
CEO Bio
Dr. Suzanne Thoma, Ph.D., Chemical Engineer ETH, has been the Chief Executive Officer of BKW Energie AG since 2013, Head of Group Management since 2010 and serves as its Member of Executive Board. Dr. Thoma has been the Chief Executive Officer and Head of Group Management at BKW Inc. since January 1, 2013 and 2010 respectively and has been Member of the Executive Board since August 2010. Dr. Thoma has been Head of Group Management at BKW Inc., since January 1, 2013. She served as Acting Head of Operations and Head of Corporate Steering at BKW Inc. She served as Head of Networks Division at BKW Inc. since August 2010 until December 31, 2012. She has been with BKW since 2010. Prior to BKW, she headed the international automotive supply business of WICOR Group in Rapperswil-Jona from 2007 to 2009. From 2002 to 2007, she served as Chief Executive Officer of Rolic Technologies AG. She served for twelve years in management functions at Ciba Spezialitätenchemie AG (now BASF AG), both in Switzerland and abroad. She serves as Chairwoman of Smart Grid Switzerland. She serves as the Chairwoman of BKW subsidiaries, Arnold AG, BKW ISP AG, BKW holdings AEK Energie AG and Youtility AG. She has been a Director of Schaffner Holding AG since January 12, 2012. She served as a Director at UPM-Kymmene Oyj from April 2015 to October 21, 2015. She served as a Director of Swissgrid AG until May 21, 2013. She has a Degree in Chemical Engineering (Dipl. chem.-Ing ETH) and a PhD (Dr. sc. tech.) from the Swiss Federal Institute of Technology (ETH) Zurich.
CEO Compensation
- Suzanne's compensation has increased by more than 20% whilst company earnings have fallen more than 20% in the past year.
- Suzanne's remuneration is about average for companies of similar size in Switzerland.
Management Team Tenure
Average tenure and age of the BKW management team in years:
- The average tenure for the BKW management team is over 5 years, this suggests they are a seasoned and experienced team.
Management Team
Suzanne Thoma
Chief Executive Officer & Member of the Group Executive Board
CHF2M
56
6.3 yrs
Ronald Trächsel
CFO & Member of the Group Executive Board
59
4.8 yrs
Hermann Ineichen
Head of Production
61
19.3 yrs
Rahel Parnitzki
Head of Business Operations
Antje Kanngiesser
Head of the Group Markets & Services division and Member of Executive Board
44
2.3 yrs
Mathias Prüssing
Head of the Building Solutions Division & Member of the Executive Board
51
Martin Schweikert
Head of Corporate Communications & Member of the Executive Board
51
Roland Küpfer
Head of Networks & Member of Group Executive Board
60
Werner Sturm
Head of Infra Services Division & Member of the Executive Board
54
Michael Schüepp
Head of Engineering Division & Member of the Executive Board
56
Board of Directors Tenure
Average tenure and age of the BKW board of directors in years:
- The average tenure for the BKW board of directors is less than 3 years, this suggests a new board.
Board of Directors
Urs Gasche
Chairman of the Board
CHF387K
63
8.3 yrs
Hartmut Geldmacher
Vice Chairman
CHF132K
63
1.3 yrs
Roger Baillod
Director
CHF91K
60
6 yrs
Kurt Schär
Director
CHF79K
53
7 yrs
Carole Ackermann
Director
CHF51K
48
0.8 yrs
Rebecca Flückiger
Director
CHF43K
46
1 yrs
Andreas Rickenbacher
Director
CHF54K
50
1.3 yrs
Who owns this company?
Recent Insider Transactions
| Announced | Type | Name | Entity | Role | Start | End | Shares | Max Price (CHF) | Value (CHF) | |
|---|---|---|---|---|---|---|---|---|---|---|
Management checks
We assess BKW's management by checking for:- Is the CEO's compensation unreasonable compared to market cap? (1 check)
- Has the CEO's compensation increased more than 20% whilst the EPS is down more then 20%? (1 check)
- Is the average tenure of the management team less than 2 years? (1 check)
- Is the average tenure of the board of directors team less than 3 years? (1 check) BKW has a total score of 0/6, this is not included on the snowflake, see the detailed checks below.
Note: We use the top 6 management executives and board members in our calculations.
Note 2: Insider trading include any internal stakeholders and these transactions .
Full details on the Management part of the Simply Wall St company analysis model.
News
Simply Wall St News
Do Directors Own BKW AG (VTX:BKW) Shares?
Companies that have been privatized tend to have low insider ownership. … Private Company Ownership Our data indicates that Private Companies hold 10%, of the company's shares. … Private companies may also have a strategic interest in the company.
Simply Wall St - – Full articleWith A 5.8% Return On Equity, Is BKW AG (VTX:BKW) A Quality Stock?
While some investors are already well versed in financial metrics (hat tip), this article is for those who would like to learn about Return On Equity (ROE) and why it is important. … Our data shows BKW has a return on equity of 5.8% for the last year. … Return on Equity = Net Profit ÷ Shareholders' Equity
Simply Wall St - – Full articleShould BKW AG’s (VTX:BKW) Weak Investment Returns Worry You?
Specifically, we're going to calculate its Return On Capital Employed (ROCE), in the hopes of getting some insight into the business. … Understanding Return On Capital Employed (ROCE). … ROCE measures the amount of pre-tax profits a company can generate from the capital employed in its business.
Simply Wall St - – Full articleIs BKW AG's (VTX:BKW) Balance Sheet A Threat To Its Future?
While investors primarily focus on the growth potential and competitive landscape of the small-cap companies, they end up ignoring a key aspect, which could be the biggest threat to its existence: its financial health. … Evaluating financial health as part of your investment thesis is. … We'll look at some basic checks that can form a snapshot the company’s financial strength.
Simply Wall St - – Full articleIs BKW AG's (VTX:BKW) Stock Available For A Good Price After Accounting For Growth?
BKW AG (VTX:BKW) is considered a high-growth stock, but its last closing price of CHF67.3 left some investors wondering if this high future earnings potential can be rationalized by its current price tag. … Let’s take a look at some key metrics to determine whether there's any value here for current and potential future investors. … Investors in BKW have been patiently waiting for the uptick in earnings.
Simply Wall St - – Full articleWill BKW AG's (VTX:BKW) Earnings Grow In The Years Ahead?
The latest earnings announcement BKW AG (VTX:BKW) released in December 2018a … showed … company
Simply Wall St - – Full articleWhat Should You Know About BKW AG's (VTX:BKW) Future?
Based on BKW AG's (VTX:BKW) earnings update on 31 December 2018, … with earnings expected to grow by 7.3% in the upcoming year … the higher past 5-year average growth rate of 27%.
Simply Wall St - – Full articleWhat You Must Know About BKW AG's (VTX:BKW) Financial Strength
Small-caps and large-caps are wildly popular among investors; however, mid-cap stocks, such as BKW AG (VTX:BKW) with a market-capitalization of CHF3.4b, rarely draw their attention. … Despite this, the two other categories have lagged behind the risk-adjusted returns of commonly ignored mid-cap stocks. … Note that this information is centred entirely on financial health and is a top-level understanding, so I encourage you to look further.
Simply Wall St - – Full articleThe BKW Share Price Is Up 132% And Shareholders Are Boasting About It
One flawed but reasonable way to assess how sentiment around a company has changed, is to compare the earnings per share (EPS) with the share price. … During five years of share price growth, BKW achieved compound earnings per share (EPS) growth of 14% per year. … This EPS growth is lower than the 18% average annual increase in the share price.
Simply Wall St - – Full articleA Look At The Fair Value Of BKW AG (VTX:BKW)
I am going to run you through how I calculated the intrinsic value of BKW AG (VTX:BKW). … by estimating the company's future cash flows and discounting them to their present value. … Anyone interested in learning a bit more about intrinsic value should have a read of the Simply Wall St analysis model.
Simply Wall St - – Full articleCompany Info
Description
BKW AG designs, builds, and operates infrastructure to produce and supply energy for businesses, households, and the public sector in Switzerland, Germany, Italy, France, and internationally. It operates through three segments: Energy, Grid, and Services. The Energy segment builds, operates, and maintains hydroelectric, nuclear, fossil-fuel, and solar power plants, as well as wind farms. It also sells energy, as well as trades in electricity, certificates, and commodities. The Grid segment builds, operates, and maintains distribution grid. The Services segment provides energy services in the fields of energy, infrastructure and environmental projects, integrated services in the area of building technology, as well as the construction, servicing and maintenance of energy, telecommunication, transport, and water networks. The company was founded in 1898 and is headquartered in Bern, Switzerland.
Details
| Name: | BKW AG |
| BKW | |
| Exchange: | SWX |
| Founded: | 1898 |
| CHF3,522,357,720 | |
| 52,729,906 | |
| Website: | http://www.bkw.ch |
| Address: |
BKW AG Viktoriaplatz 2, Bern, Bern, 3013, Switzerland |
Listings
| Exchange Symbol | Ticker Symbol | Security | Exchange | Country | Currency | Listed on | |
|---|---|---|---|---|---|---|---|
| SWX | BKW | Registered Shares | SIX Swiss Exchange | CH | CHF | 09. Dec 2011 | |
| DB | B9W | Registered Shares | Deutsche Boerse AG | DE | EUR | 09. Dec 2011 | |
| LSE | 0QQ0 | Registered Shares | London Stock Exchange | GB | CHF | 09. Dec 2011 | |
| BATS-CHIXE | BKWZ | Registered Shares | BATS 'Chi-X Europe' | GB | CHF | 09. Dec 2011 |
Number of employees
Current staff
Industry
| Electric Utilities | |
| Utilities |
Company Analysis and Financial Data Status
| Area | Date (UTC time) |
|---|---|
| Company Analysis updated: | 2019/05/23 00:14 |
| End of day share price update: | 2019/05/22 00:00 |
| Last estimates confirmation: | 2019/03/29 |
| Last earnings filing: | 2019/03/16 |
| Last earnings reported: | 2018/12/31 |
| Last annual earnings reported: | 2018/12/31 |
All dates and times in UTC. All financial data provided by Standard & Poor’s Capital IQ.
Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.
